I have 2 Dremel and 3 Foredom tools, which I use quite often. I rarely use them for drilling with high speed steel or wood drill bits. I usually use a 12" drill press or a small Foredom DP30 drill press for those tasks.
For drilling holes in PCB boards or hardened steel, I use carbide PCB drills, purchased used in 10-50pc sets on Ebay for $16-25 shipped. You have to be careful using them, because they are very brittle, but they will cut through pretty much anything that's too hard for a HSS bit or that will quickly dull a HSS bit. I bought an assortment set first, now I buy 10 packs of individual sizes as they break.
Foredom makes lots of bits and accessories which also work with Dremel tools. In general they are higher quality because Foredom tools and accessories are made for professional use (instead of hobby use like Dremel). Sometimes the extra quality matters, other times it doesn't.
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For structured carbide wood drilling/carving burrs, most of the time I buy US made Kutzall extreme series (they don't clog up during use), but I have some of their original style carbide burrs too.
Choose top-quality dremel and carbide burr tools online at Kutzall. Get Rotary burrs designed for smooth shaping, carving, & grinding. Made in the USA. Shop now
kutzall.com
For diamond grit burrs and diamond grit cutting wheels, I notice no difference between the cheap China ones and expensive name brand ones. I buy whatever is cheap and has good online reviews.
For carbide single or double cut grinding burrs, I also use cheap ones that have good reviews. In 1/8" shank, the shank usually bends before the cutting head gets too chipped up anyways. I buy better quality when looking for larger 1/4" shank carbide burrs, becasue they last longer and have more uses in my shop.
For cutting wheels and polishing tips, I buy from Ace's Abrasives. Their cutting wheels last longer, and I don't notice any smell while using them. Some of the cheaper brands of abrasive wheels smell like burning rubber during use.
Premium American made abrasive products- polishing, buffing, Dremel tools, dental, jewelry, stainl
www.acesabrasives.com